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The Financials Pit Review

This report has been deactivated

For the week of November 13th, 2007

Wed, Nov 14 2007, 09:58 GMT
by Kalvin O’Brian

Pit Guru  |  View company's profile


While some of the pits were closed Monday in observance of Veterans Day, most remained open and the S&P closed in the middle of the day’s trading range. This market will stay in the 1435 to 1475 range for the week. I would continue to look at early and late day moves and anticipate the middle of the day will be slow. Play early and late rallies up to or down to 1450 with close stops. Although the currency pits were closed, there was quite a bit of action on the Globex and the currency markets are following through on the movements we saw last week.

Currency outlook:

Japanese Yen: Yasuo Fukudo, the Japanese prime minister, came out and expressed his concerns that the yen’s gains are not desirable. He issued a warning to traders and investors not to make speculative moves on the currency even though it rose to the highest level in 1 ½ years. I will be long this market despite this concern.

Euro: Friday saw a cut in the European Union economic forecasts. The EU will show slow economic growth over the next two years associated with a reduced manufacturing output due to the high cost of oil as well as the export market being impacted by the record highs in the euro. Look to short this market with close stops.

Canadian: I wanted to save the best for last. Globex trading had the Canadian following through on last week’s meltdown. Monday provided the biggest one day fall since January 1971. It seems that all the news coming out of Canada lately has been sunshine and rainbows. We finally get a piece of bad news and it provided just the catalyst this market needed to come back to earth. The largest bank in Canada is announcing write downs associated with their investments in the sub prime mortgage market and my advice - SHORT! SHORT! SHORT! This market is going down to 100 as the greenback rallies. If you have followed my reports, you know that I have been expecting this from the Canadian. This market has hit the top, now hit eject, pull the cord and glide on down to 100.

Published on  Wed, Nov 14 2007, 10:00 GMT


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